On­tario putting to­gether $60M aid pack­age for Al­goma Steel

StarMetro Vancouver - - CANADA & WORLD - Robert Ben­zie

The On­tario gov­ern­ment is lend­ing Al­goma Steel $60 mil­lion to help the com­pany re­main com­pet­i­tive in the face of U.S. tar­iffs on steel and alu­minum.

That’s on top of some $90 mil­lion in fed­eral money for the Sault Ste. Marie firm.

“The in­vest­ment an­nounced to­day se­cures thou­sands of jobs and pen­sions and sig­nals north­ern On­tario is open for busi­ness,” provin­cial Min­is­ter of En­ergy, North­ern De­vel­op­ment and The aid pack­age is de­signed to help the steel firm weather U.S. tar­iffs.

Mines Greg Rick­ford said Thurs­day.

Kalyan Ghosh, Al­goma Steel’s chief ex­ec­u­tive of­fi­cer, said the loans are part of the pur­chase and re­struc­tur­ing of the com­pany, which is in­vest­ing $600 mil­lion in the steel­mak­ing fa­cil­ity.

Get the full story at thes­tar.com/pol­i­tics

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